Home Loan Part Prepayment Calculator
A home loan part prepayment calculator is an invaluable financial tool for homeowners looking to manage their mortgages more effectively. By making partial prepayments towards your borrowed home loan can significantly reduce the interest burden and shorten the loan tenure. Our house loan part-prepayment calculator helps you visualize the impact of these prepayments on your overall home loan interest payout, allowing you to make informed financial decisions.
Whether you receive a bonus, a windfall, or simply have some extra savings, using a part prepayment calculator can show you how even small additional payments can lead to substantial savings over time. It’s an essential resource for anyone aiming to pay off their home loan faster and more efficiently.
How to Use the Home Loan Part Prepayment Calculator?
Using the home loan part prepayment calculator is straightforward. Follow these simple steps to understand how partial prepayments can affect your loan:
- Enter the Outstanding Loan Amount: Input the total remaining balance of your home loan in the designated field. This is the amount you still owe on your mortgage.
- Specify the Loan Tenure: Enter the remaining tenure of your loan in months. This is the number of months left until your loan is fully paid off.
- Provide the Interest Rate: Input the annual interest rate of your home loan. This rate is usually provided by your lender.
- Enter the Part Prepayment Amount: Specify the amount you intend to prepay towards your loan. This can be any extra money you have, such as a bonus or savings, that you want to apply to your loan principal.
- Calculate New EMI: Click the “Calculate New EMI” button. The calculator will then display your new monthly EMI, the interest savings, the new principal amount, the new interest amount, and the total amount payable.
Home Loan Part-Prepayment Calculator
₹16,729
| Interest Savings | New Principal Amount | New Interest Amount | Total Amount Payable |
|---|---|---|---|
| ₹0 | ₹0 | ₹0 | ₹0 |
Benefits of Using the Home Loan Part Prepayment Calculator
By using a home loan part prepayment calculator, you can:
- Save on Interest: See how much you can save on interest payments by making additional prepayments.
- Reduce Loan Tenure: Understand how your loan tenure can be shortened, allowing you to be debt-free sooner.
- Make Informed Decisions: Plan your finances better by knowing the exact impact of your prepayments.
This financial planning calculator is a user-friendly tool that empowers you to take control of your home loan repayments, ensuring you can make the most of your financial resources.